Predictable but unsettling chaos grips crypto markets as US inflation data sends BTC crashing to $18,200. At the time of this publication it has recovered to $19,254.95
Bitcoin delivered classic volatility on Oct. 13 as US economic data rocked markets.
Following the BTC/USD pair, the pair while some market moves were made accompanying the US Consumer Price Index (CPI) September news.
The September data was 0.1% above last year's forecasts, immediately felt the sell-off of risk assets and the rise of the dollar amid persistent inflationary pressure. Like previous IPC events, Bitcoin saw a small rally but disappeared within minutes, leading to a long-term decline that reached only $18,183 on Bitstamp.
The rally lifted the major cryptocurrency to $18,800, its lowest point since September. 22.
Traders, both short-term and long-term, felt the pinch, with combined 24-hour liquidations totaling $57 million, according to data from Coinglass.
Imagen de coinglass
Popular crypto trader Il Capo insists that despite a 4% drop on the day, Bitcoin is still poised for a bear market rally.
Continuing existing theory, today's Twitter post expects the price to rise to $21,000 before a true macro bottom occurs, which would be between $14,000 and $16,000.
